MORE than Finances

Get your finances in order, and get on with your life!

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How to Finance Your Mobile Home

dawn-1836077_640Owning a home is a major part of the American Dream. There are many paths to homeownership. One of the most popular kinds of home purchases is a mobile home. Mobile homes are widely available in many communities. Buying a modular home is a great way to have your own space and build equity. It’s also a way to have a private place that you can decorate to your specific tastes. In order to get the house you want, most people will need to get a mortgage. Getting a mortgage on your mobile home requires attention to detail, an understanding of the process and the ability to demonstrate that you handle the payments.

Factors You Need to Take Into Account

Several factors go into financing a mobile home. Such factors include the type of home, the cost of the property and the amount of the loan. Unlike a traditional type of property, this kind of property typically needs to go through a special process that allows for a secure loan. Be aware that you may not be able to get a loan for an older mobile home. For a new mobile home, you will usually need to have at least five percent of the purchase price on hand or more depending on the loan company. However, if you live in a rural area, there are loan programs that allow you to put down even less and offer home loans that are backed by the government. The type of home will also influence any mortgage. A larger home may actually be more favorable as it has more features that can contribute to any resale value should you choose to sell the property on your own.

Working With the Company

One of the best ways to get the space you want is to work with a manufacturer directly. Many companies such homenation.com can help you sort through potential financing possibilities and offer specific financing options. This includes both short-term loans and longer term options. They often work closely with people who have problems with credit. While the terms may be higher than other kinds of loans, this is one of the best ways to get a home you want.

An FHA Loan

FHA loans are those that are insured by the Federal Housing Association. These are ideal for people who have faced credit challenges in the past. These kinds of loans are guaranteed by the government, making them more attractive to sellers who want to sell the property to a wider group of people. In order to get the FHA loan, you will need to have a house that is below a certain age and attached to a foundation. If you are planning to buy a house that is not currently attached to the foundation, a manufacturer can help you restructure the house and the foundation so that it qualifies for the loan you want.

VA Loans

If you are a vet, you can often qualify for a special loan from the Veterans Affairs administration. Loans from the VA allow the buyer to get financing at a lower rate than from a standard, conventional loan. Keep in mind that getting these types of loans often require a specific credit score before you can even apply. Make sure you have your paperwork in order before applying.

Fannie Mae and Freddie Mac

Another option for those buying a manufactured home is Fannie Mae and Freddie Mac. Fannie Mae is a federal program designed to provide homeownership for underserved parts of the housing market. They back loans for manufactured homes. Freddie Mac is another arm of the federal government that also offers government-backed home loans. Both agencies offer loans that homebuyers can use in order to get the loan they want.

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Smarter Home Shopping: How to Negotiate a Better Price Without Breaking a Sweat

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Purchasing a home of their own is a dream than many people have. There is a sense of accomplishment and freedom when you have a piece of land and a house that you can call your own. Actually finding and buying that dream, however, can be a difficult proposition that many people aren’t prepared for.

A home is one of the largest purchase you’ll ever make, so you want to save as much money as you can during the process. This means that you have to be able to negotiate a price that you can live with, and you can only do that if you know what you’re doing and are in a good position to do so. Here are a few tips that will help you during those negotiations.

Get Your Financial House in Order

The first thing you need to do before you start looking for a home to buy is to know exactly what you can and cannot afford. This means going over your finances to see where you stand.

Make a simple budget of everything you have coming in and going out so you can see how much of a mortgage payment you can afford. Include everything you can think of, from grocery bills and student loans to existing mortgages and other large debts. Then you’ll get an accurate picture.

The reason you want to do this is so you can get a preapproved to get a property loan offer from a bank. Your negotiating power increases if you know exactly how much you can bring to the table.

Go for Value, Not Price

Someone who is selling their home — whether by themselves or through an agency — can really ask whatever they want to for the property. Sure, it might not sell and they will need to adjust, but they can start wherever they want.

This means that you need to know the property’s value rather than the selling price. If a home is listed at or below the value, then there’s a great chance you won’t find a better deal and you can take it. If the home is overpriced, you can use that knowledge to negotiate for a lower final price. This can be a savings of thousands of dollars in the long run.

Why Are They Selling?

One of the best things you can do to improve your negotiating ammunition is to find out why the house is on the market in the first place.

Motivated sellers — those who need to sell quickly because of some life changing event like a new job or a divorce — give you a great opportunity to negotiate the final price down so they can unload their property and move on with their life. Ask questions to the seller and the agent so you can find the reasoning behind the sale and use that knowledge to your advantage to get a better price.

Remember these tips when you want to find a new home.

Abbie Dodd works as a real estate agent and shares her tips and insider insights online with her articles.

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Ways to Save Money Selling Your Home

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Selling your house can be a difficult task, more so when it comes to trying to stick to a budget. Those who have had lots of experience either moving around or flipping properties will have discovered some of the many tricks to saving money when selling a home, but for others it feels like you can be tied into things you never knew you could renegotiate.

Fast Florida House Sale is an online realtor that have had many years experience in dealing with home sales, and understands where money can be saved, especially for those looking to sell their home fast. Here is there quick guide as to the things you should look out for.

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Tips For Purchasing Your First Home

Buying your first home is a huge milestone that can be a very exciting experience in your life. This does not mean that it doesn’t require a lot of hard work and due diligence. Whether you are months out from looking or you are already in the process, it is never too early to start preparing for the big purchase. By following some of the tips below you will be well on your way to purchase the home of your dreams.

Know what you can afford.  The Internet proves to be a great place to start when it comes to pricing out your home and what exactly you can afford. There are several online calculators that are very detailed in the process they take to calculate the amount of house you can afford. Such considerations in these calculations are property taxes, homeowners insurance, escrows, etc. This exercise helps you prepare by allowing you to create a budget which is crucial when you own a house.

Research for a reputable lender or mortgage broker. Being able to work with a mortgage broker on your first mortgage is well worth the legwork that is required to find one. Securing a good lender will hopefully pay you back tenfold in that they usually know of incentives or ways to save time and money in the home buying process. Do not automatically go with the least expensive banker. Make sure that you have done thorough research before committing to working with someone. With the amount of time that you will spend working with this person, you will want to make sure that they are someone you can get along with easily.

Save up on a down payment. Despite the fact that you may not need a large down payment on a home, it is not to say that you should not save for one. The more that you are able to pay down on a house, the better the rates you will be able to secure. Depending on your particular situation you most likely will want to put down at least 20 percent of the purchase price. This not only allows you to pass on paying mortgage insurance, but you will also be able to take advantage of lower interest rates.

By following these simple tips, you are well on your way to owning your first home. The journey is a long and sometimes trying one but in the end your new home will be well worth it.

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5 Common Mistakes Made by Property Investors

Real estate investments seem to be a reliable way of making money in these tough economic times. However, there are number of traps to be wary of in order to protect your investments.

1. Insufficient Research

Often an investor will fail because they purchase the best home on a street that is in an unsuitable location, or in an area that’s run down due to the economic times. It’s important to do your research and choose a wonderful property that’s in a desirable spot. To be able to recognize the flow of your investment, check the listings over the past ten years. This will give you an idea if the market is depressed or if the costs are on the rise. Run a list of the comparables in the area you’re thinking of purchasing also and see how they have fared. For an expert opinion, think about hiring a professional estate agent to help you with the process.

2. Exceeding What You Can Afford

The primary goal of investing is to spend only what you have figured within your budget. Make sure you know your limits and try not to get caught up in the enthusiasm of the projects at hand. Real estate is a long-term investment and you won’t reap the rewards immediately. It takes time for your property values to rise and for them to generate sufficient money. You will also need to factor in any necessary improvements and renovations. When it comes time for making home improvements, be conservative and choose only the projects that will add value to your property first.

3. Not Having an Emergency Plan

An investor can fail in the real estate market if they don’t have an emergency plan ready in case something goes wrong. Today’s economic climate is tough to figure out, so you need to have an emergency plan figured out for a quick evacuation. Be prepared for the unexpected and have a professional expert handy in case you need to get rid of your investment quickly.

4. Don’t Be Impatient 

Unlike other ventures, investment property is a long-term project that you’ll probably make money on once you resell. Plan ahead for renovations and general upkeep and expect these projects to set you back financially at the beginning. It may even be a struggle to meet your mortgage payments on the property at times. Depending on a quick sale will only set you up for financial disaster.

5. Getting Emotionally Attached to the Aesthetics of the Property

This is a major area where investors struggle. They could get emotionally attached to a specific feature or room of the house and fall in love with the investment. It’s definitely a plus to like the home that you are purchasing, but you have to remember that you aren’t going to be living in it. Clear your mind and see the property for its imperfections and the costs that you will have to incur to fix it up. You may love it for its quirkiness and charm, but you need to make sure that you can still rent it out.

Andrew Potter is the resident property blogger for www.myonlineestateagent.com. My Online Estate Agent partners with the leading property websites, providing an unbeatable service for landlords and sellers.